Is March going to be a bullish month for Bitcoin?

Bitcoin price is looking to maintain support at the $44,000 USD level heading into the next month. The price of Bitcoin saw a minor dip in price over the weekend, before bouncing back above $45,000 USD. Some analysts are pointing out that more miners are selling, which has resulted in the latest dip.

While this might sound like a reason for caution, it might be bullish in the long-run. According to Glassnode, the Bitcoin Spent Output Profit Ratio (SOPR) has seen a “full reset”, meaning profit-taking might have abated and long-term investors will be looking to hold

Decentrader co-founder Philip Swift also noted that the SOPR dip is worthwhile considering as a metric in the market’s future health. He believes that this is a possibly bullish point in the crypto market, especially in conjunction with last week’s funding rates which have historically been followed by a price hike.

As he noted:

March a bearish time for Bitcoin

Many traders, however, remain cautious about where Bitcoin might be headed this month. Historically, this time of year has had a hard time gaining and maintaining strength. Last year in March, Bitcoin saw a crash in price before gaining back its value over the year. Experts believe that this current price level of Bitcoin, between $44,000 USD and $45,000 USD remains the key level to watch.

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